The meteoric rise in the value of Bitcoin (and its subsequent relative decline) has worked wonders in drawing attention to the actions of the controversial cryptocurrency – virtually all cryptocurrencies. The world just couldn’t help but sit and focus on Bitcoin, interested in sitting or giving it more space and rejecting it as something else as a fashion.
Although Bitcoin has an army of fanatical supporters, there are those who condemn it. No matter which side you are on the cryptocurrency issue, one word that will serve you well when exploring the abyss of the altcoin pool is still “caution.” Jason Bloomberg of Forbes magazine recentlySeven False Bitcoin Fans Call Theirselves. But despite the so-called headline, which has angered many Bitcoin fans, it actually highlights the wrong topic in terms of caution. So let’s look at the points he makes:
Myth 1 – Bitcoin is similar to other currencies.
A common mistake that Bitcoin fanatics use to sell ideas is that Bitcoin is like any other currency in the world. But this is a blatant lie, simply put, Bitcoin is different from other currencies that exist so far. There may be some similarities with the US dollar or any other medium of exchange, but in reality the differences are more.
For example, when it is known that Bitcoin is widely used in illegal, even illegal transactions, fans point out that the US currency is the same. This error of reasoning is considered controversial because it does not lead to a real conclusion.
Lie 2 – Bitcoin is safe.
Crypto is translated as “safe”, so most people think that a cryptocurrency like Bitcoin is reliable. The truth of the matter is that it is not. In fact, it is easier to lose and easier to steal. Each time a gap in the system is resolved, another is almost automatically replaced.
Lie 3 – Bitcoin is money.
Currency is not automatically converted into money. In fact, money has very few features. On the contrary, it is more of a speculative commodity than anything else. This is another aspect of the differences over the similarities.
Myth 4 – Bitcoin has a unique value beyond its inaccessibility.
This is wrong, because the intrinsic value of Bitcoin, that is, its value above the market value, depends on the fact that it must be completely mined. For example, a Bitcoin ranges from $ 800 to $ 1,500 for May. By buying a Bitcoin, you are actually paying the miner’s labor, which means you have to value the miner by paying more for their problems. On the other hand, if you want to sell the same Bitcoin, the price you want depends entirely on what people are willing to pay for it, that is, the market value. And if it doesn’t sell, it would still be more of a reason to buy in the first place.
Lie 5 – Bitcoin is not in a balloon.
While fanatics insist that Bitcoin doesn’t exist, the sad fact is a giant bubble. In short, the value is pure speculation – it almost depends on what someone wants to pay for it. That’s why the current market value has fluctuated between $ 15,000 and $ 20,000 – it’s stupid to bet that an even bigger idiot will bite.
Myth 6 – The Bitcoin you save makes you money.
The only way to make real money from Bitcoin is to sell it for real money. There is really no way to do that. Otherwise, the profit you think you make by holding is nothing more than a paper profit. And the more people decide to make money and make a profit, the lower the cost and the less paper you earn by expanding.
Lie 7 – Jason Bloomberg is the biggest liar.
This is what most Bitcoin fans will believe, as almost everyone who doesn’t say Bitcoin. Jason Bloomberg includes. It’s up to you whether you agree or disagree or believe in Bitcoin.